Close your Wells Fargo accounts

[hal2kilo]

We dropped Wachovia/Wells Fargo a long time ago. Not sure why any one uses them, or other banks, when there are a lot of great Credit Unions out there.

I always amazes me that people just don't walk past the bank door and go straight to a CU.

 

[zinfamous]

If you had any clue how many hundreds of millions of dollars the large banks spend every year towards regulation compliance... takes boat loads of money coming in to cover the boat loads flying out the door.

please enlighten us, then. It would be great to have some numbers with which to form a better opinion of the matter.

 

[Fanatical Meat]

If you had any clue how many hundreds of millions of dollars the large banks spend every year towards regulation compliance... takes boat loads of money coming in to cover the boat loads flying out the door.

Apparently they need to spend even more or simply audit themselves better.
What's going on with this is fraud of customers and investors if you or I did something similar at a smaller scale we'd be jailed or fined or both.

 

[MomentsofSanity]

Apparently they need to spend even more or simply audit themselves better.
What's going on with this is fraud of customers and investors if you or I did something similar at a smaller scale we'd be jailed or fined or both.

Yup. Corporations are people until they break the law.

Then they get fined millions for illegally making billions.

 

[rh71]

I always amazes me that people just don't walk past the bank door and go straight to a CU.

Number of branches you can go to nationwide for ATMs? Do you at your CU get charged a fee if you use other banks' ATMs?

Do they all have online check deposit via apps?

Convenience is big for me.

 

[Homerboy]

Don't worry, the retiring executive at WF will still get her "bonus" of $125M

http://gizmodo.com/wells-fargo-executive-linked-to-scam-gets-124-6-millio-1786534513

Tolstedt, for her part, has been relatively quiet about the practice of sandbagging. She has not confirmed whether she knew about the widespread impropriety, and it’s unlikely that she’ll ever speak up about the matter. When she leaves later this year, she’s expected to earn a $1.7 million salary and $124.6 million in stock and Wells Fargo shares.

 

[hal2kilo]

Number of branches you can go to nationwide for ATMs? Do you at your CU get charged a fee if you use other banks' ATMs?

Do they all have online check deposit via apps?

Convenience is big for me.

With my CU, if I use my ATM card for a certain amount of purchases a month, I get better interest than my saving account, and the fees are waved at all ATMs. The deposit via apps, not so much. But, I'm kind of a luddite on purpose when it comes to online banking. I don't trust anything of value on the internet anymore. The banks just cover the losses cause they just turn around and make us All pay for it.

 

[thepriceisright]

As a former Sales Manager, I can say I have seen similar activities in many different organizations. Bonus or Goal is set sales people do what it takes to meet or exceed them. Too many start hitting goal its raised again and again and again and again and again until ultimately many are dealing with shady behavior to keep their jobs. Selling stuff is brutal because there is usually a simple formula that can be applied to determine if an employee is productive or unproductive.
For the record I am not defending this behavior just saying it happens at many businesses.

This. Very common practice, which works only because the higher ups justify it. People sell their souls little by little.

 

[Humpy]

"We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.

Haha!

Sorry you mistakenly received that box of rape.

 

[Fanatical Meat]

"We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.

Haha!

Sorry you mistakenly received that box of rape.

More like "Sorry you noticed that box of rape"

 

[dmcowen674]

Fortunately, I've never had an account with Wells Fargo, but it sure seems that a lot of people I know that had a Wells Fargo account no longer have one and swear they will never do business with that bank again. This is before all this shit came down.

I had an account there in 2006 when lived in Denver. When we left Denver in Jan 2007 I left the account with $1,000 which was the minimum to open the account and not get charged for checks. I left the money there with the intentions of getting my wife a new laptop for Christmas at the end of the year. When I went to log in the account in the beginning of December the account showed -$248. I called them and asked where is my money? They said they charge a inactivity charge for every month there is no activity. They waived $200 but wanted $48 to close the account. I said BS on that. There is probably a charge of a billion dollars in the account now.

 

[disappoint]

Close them all. The ones you know about and the ones you don't.......

5,300 Wells Fargo employees fired over 2 million phony accounts

Old uncle Warren has fostered a culture of outright thievery and it has infected the whole company. I suspect this is just the tip of the iceburg. Just creating phony accounts isn't really all that lucrative. Now using fake accounts.....well that can really generate profits.

You don't know Warren Buffet very well do you?

 

[disappoint]

As a former Sales Manager, I can say I have seen similar activities in many different organizations. Bonus or Goal is set sales people do what it takes to meet or exceed them. Too many start hitting goal its raised again and again and again and again and again until ultimately many are dealing with shady behavior to keep their jobs. Selling stuff is brutal because there is usually a simple formula that can be applied to determine if an employee is productive or unproductive.
For the record I am not defending this behavior just saying it happens at many businesses.

Very much this. Remember Enron? Their guys would call up power plants in California and ask them to shutdown, causing massive blackouts which they leveraged to make huge windfalls of profit. There is a film about it, it's on Amazon free if you have Prime: https://www.amazon.com/gp/product/B001AMTTVS/ref=pd_cbs_318_3

 

[ImpulsE69]

Yea, WF may be the latest to get caught, but they certainly aren't the first or the last.

 

[Genx87]

So when are the fraud prosecutions going to start?

 

[Fanatical Meat]

So when are the fraud prosecutions going to start?

hahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahaha
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hahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahaha

 

[Genx87]

hahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahaha
..........
hahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahahahahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahaha
hahahahahaha.....haha.....hahaha

Sad but true right?

 

[monkeydelmagico]

So when are the fraud prosecutions going to start?

Well lets see what Wells Fargo CEO has to say about Carrie Tolstedt, the supervisor of the department that defrauded thousands of people: [she] had been one of the bank’s most important leaders and “a standard-bearer of our culture” and “a champion for our customers.”

If this is the standard-bearer of Wells Fargo corporate culture then anyone doing business with Wells Fargo should buy some lube.

Don't worry, the retiring executive at WF will still get her "bonus" of $125M

http://gizmodo.com/wells-fargo-executive-linked-to-scam-gets-124-6-millio-1786534513

The thieves guild rewarding their own for doing exemplary stealing.

 

[Fanatical Meat]

As I said love her or hate her Ms. Warren is after them. I will concede this will probably go nowhere like most things she supports. From her email:

Why are the giant banks still fighting to kill off the Consumer Financial Protection Bureau?

Why have Republicans advanced a bill to take the legs out from under the CFPB?

Why did one Republican presidential candidate after another – including Donald Trump – promise that if they were in charge, they would repeal the Dodd-Frank financial regulations, including the CFPB?

We got a hint a few days ago: Wells Fargo proved that giant banks still think the rules don’t apply to them. Nope. They think they can cheat their customers, stuff their pockets with money, and still walk away.

Over the past five years, Wells Fargo created more than 2 million checking and credit card accounts that weren’t authorized by its customers. Employees who had strict sales quotas to hit would secretly open and transfer money in and out of those fraudulent accounts, costing thousands of customers millions of dollars in fees.

The new Consumer Financial Protection Bureau went after this fraud with everything they’ve got. Late last week, the CFPB announced that Wells Fargo customers are getting all of their money back and Wells Fargo will pay a record-breaking $100 million fine to the agency.

Make no mistake – this business with Wells Fargo isn’t over. How could the bank create more than 2 million fake accounts without senior executives knowing? How could the bank fire more than 5000 low-level employees for misconduct without stopping to wonder whether there was a problem with the firm’s incentives or culture? I think there are more questions for Wells Fargo to answer.

But the CFPB has done its job: spearheading an investigation, watching out for consumers, imposing a fine, and making the whole stinky mess public. And that’s why the big banks and their Republican friends want to leash up the CFPB – because this is a government agency that is working for the people.

The consumer agency investigates giant frauds, but it also helps people one at a time. The CFPB complaint hotline has a website and a phone number you can use when you have a problem with your bank, credit card, mortgage company, or student loan servicer. So far, the hotline has processed nearly a million complaints, big and small. Not only does the CFPB work to get you a response on your complaint, but they also use the information to find those large, widespread cases of fraud and abuse.

Incidents like Wells Fargo come to light the more people contact the CFPB about banks’ bad behavior, so if you have a complaint, submit it here (or bookmark this website).

The Wells Fargo case is one more reason we need to fight for a strong Consumer Financial Protection Bureau. The big banks and financial institutions hate the CFPB, and they have bills pending in the House and Senate to get rid of it. The Republican Party’s 2016 platform calls for the CFPB to be “abolished.” The only way to stop the right-wing attacks on the consumer agency is for all of us to fight back.

The CFPB is on our side – but we need to use it and to fight for it.

 

[Fanatical Meat]

This could get interesting, hearing set for September 20th

Get ready for fireworks next week when Elizabeth Warren grills Wells Fargo's CEO over the bank's mind-boggling creation of millions of fake accounts.
The powerful Senate banking committee plans to hold a Wells Fargo (WFC)hearing on September 20 at 10 a.m. ET, according to the office of Senator Richard Shelby, the committee's Republican chairman.


Wells Fargo CEO John Stumpf has accepted an invitation to testify, a spokesperson for the bank told CNNMoney.

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Related: 5,300 Wells Fargo employees fired over 2 million phony accounts

"We are prepared to provide the committee with information on this matter and to discuss steps we have taken to affirm our commitment to customers," the Wells Fargo spokesperson said.

Related: Workers tell Wells Fargo horror stories

The news comes after Warren and four of her Democratic colleagues in the U.S. Senate fired off a letter on Monday demanding the committee hold "immediate" hearings to "fully investigate the matter."

"This was a staggering fraud," Warren told CNN last week, adding that she's skeptical Wells Fargo management was unaware of illegal activity of this scale.

"Come on...this went on for years and they didn't smell anything in the air about fake accounts?" she said.

Wells Fargo is being asked to turn over documents related to the scandal.

After meeting Tuesday with Wells Fargo President Tim Sloan, Rep. Elijah Cummings, the ranking member of the House Oversight Committee, requested a batch of documents on the bank's sales practices and the salaries and positions of those fired for improper sales tactics.

Cummings also asked Wells Fargo to justify the huge $124 million in stocks and options that community banking head Carrie Tolstedt is set to walk away with when she retires at the end of the year. Tolstedt led the division that created millions of fake accounts, and Cummings asked if her pay will be "clawed back."

 

[shortylickens]

I had an account there in 2006 when lived in Denver. When we left Denver in Jan 2007 I left the account with $1,000 which was the minimum to open the account and not get charged for checks. I left the money there with the intentions of getting my wife a new laptop for Christmas at the end of the year. When I went to log in the account in the beginning of December the account showed -$248. I called them and asked where is my money? They said they charge a inactivity charge for every month there is no activity. They waived $200 but wanted $48 to close the account. I said BS on that. There is probably a charge of a billion dollars in the account now.

Thats crazy. They charge you for using it. They charge you for not using it. Charge to close it, then act nice by waving a bullshit fee.

I still use Navy Federal even though I've been out for a long time now. No BS fees, no shady dealings, no pressure. Its a good place to keep my money.

 

[sportage]

I left Wells LONG AGO when one day at the drive-thru the teller insisted he open another account on my behalf to use ONLY for online transactions.
"You wouldn't want anyone to have access to your main account" he reasoned for opening an account only to be used for online purchases.
I said not interested.
I figured something was a bit off, so a few weeks later I moved everything including the mortgage to another bank.
Actually, to a bank and a credit union.

 

[monkeydelmagico]

You don't know Warren Buffet very well do you?

Nope but you can bet John Stumpf does

http://www.marketwatch.com/story/wells-fargo-ceo-john-stumpf-has-got-to-resign-now-2016-09-14

You don't know much about how Leadership influences a company's Culture do you?

 

[disappoint]

Nope but you can bet John Stumpf does

http://www.marketwatch.com/story/wells-fargo-ceo-john-stumpf-has-got-to-resign-now-2016-09-14

You don't know much about how Leadership influences a company's Culture do you?

Warren Buffet and Charlie Munger are as anti corrupt or shady behavior as it gets in the business world. John Stumpf on the other hand, I don't know him.

 

[shortylickens]

Apparently wells Fargo is being grilled by the Senate.
Cant post a link cuz I am on a phone and not smart enough to copy and paste.